CEY is a gold mining company operating in Egypt. It was ordered by the Egyptian Government to stop drilling pending a legal dispute brought against the company by a government minister.

Since then, the whole Government cabinet was replaced a few months ago and the minister now in charge of Mining is believed to be positive on Western investment in the country. CEY are pushing for this minister to allow them to continue drilling ASAP; investers are waiting....patiently.

As soon as the company gets the go-ahead to continue drilling, the share price will move north; CEY has plenty of gold in this mine and it is (apparantly) the case of "raking" it out rather than drilling for it!

Check them out...worthy of a punt.

Different shipment of 400kg according to Reuters.

Concerning mnamreh, I think it's all to do with a post he made quite a while ago which many of us disagreed with. He now has a persecution complex coupled with anxiety and confidence issues. Occasionally I copy & paste his posts just to rock the boat a little, but .....takes all sorts to make a world!!!

he should take the view of the jews who know and accept that not only are they the Chosen Race, but also deserve to be prosecuted :-)

....or even persecuted???? !!!! ;o)

or prostrated........

or even persecuted indeed, which of course was what i meant to write

lol. At least you didn't delete :-)

i never do, though i occasionally go back to edit

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"I am from Egypt so I would like to explain a VERYYYYYYYYYYY important point.

The appeal launched today was filed by the Egyptian State Lawsuits Authority, it's Egypt's most prestigious independent legal authority which looks after Egypt's national & international interests. It simply represents Egypt in courts!!

In general, the main mission of the Egyptian State Lawsuits Authority is to defend the public funds and interests of the Egyptian people. It only decides to act in courts when national interests arise... so simply today we had EGYPT appealing in court supporting CEY that's why the case was postponed to join both appeals...

So now we have CEY + National Authority of mineral resources + Egyptian State Lawsuits Authority (or shall I say EGYPT) on one side, and on the other side a single lawyer representing himself !! To be honest if he wins I have to take my hat off for him :))

CEY SP was above £1 before this case launched, Gold price was less... Are you still worried about 2%, 3%, ....... 10% up or down in the next few weeks???!!!!"

Egypt allow the export of 476 kilo grams of gold for "Centamin Egypt

Yousef Al-Rajhi CEY CEO said "The company reached an agreement with the Customs Department on the procedures and approvals required for export shipments of gold in the coming period and the non-recurrence of its detention at the airport in Cairo."

Mr Al Rajhi said on Sunday: "The Customs Department at Cairo International Airport had already agreed late last week to allow the export of a shipment of gold amounting to 476 kilos to Canada on board the Air France on Thursday after a delay of more than three weeks, where planned export shipment since last December 18th, but officials at the Ministry of Finance's intransigence prevented it. "

Customs refused two shipments of gold during the past two months because of lack of access to formal approval from the Minister of Petroleum and Mineral Resources, causing damage to the company's as Yousef Al Rajhi said.

Egypt receives 55% of the total extractions of gold since the beginning of 2012, the foreign partner gets 45% through a body stamping and balances in accordance with the agreement concluded with the company.
Al Rajhi explained that under the agreement with the Customs Department, the company would only just get the approval management control of foreign companies at The Mineral Resources Authority on shipments of gold that CEY exports as it is the body entrusted with this task.

He added that the export process was the same measures taken by the company in the previous export shipments of gold, and as stipulated in the Convention of mine, which affirms the right of CEY in export directly without reference to any destination.

It is noteworthy that Egypt has signed an agreement with the company "Sentamin Egypt", owned most of its shares to the company "Sentamin Australian", to explore the gold mine alsukari, a huge gold mine located in Red Sea Governorate, the mine is a candidate to be ranked among the 10 largest gold mines in the world.

Rajhi interpreted approval of the customs authority on the export shipment, saying: "The complaint made by the company to Egyptian Prime Minister last Wednesday may had pushed the Customs Department to allow the export of cargo without requiring the written consent of the Minister of Petroleum as we have already asked for this."

http://www.el-balad.com/359943

Q4 Preliminary Production Results

Centamin is pleased to announce its preliminary production results from its Sukari Gold Mine ("Sukari") in Egypt for the quarter ended 31 December 2012.

Total gold production for the quarter was a record 85,543 ounces, a 45% increase on the corresponding quarter in 2011 and a 40% increase on Q3 2012. This brings full year production to 262,958, a 30% increase on 2011 and above guidance of 250,000 ounces.

Ore tonnages mined and processed during the quarter were on budget, despite the previously-announced temporary suspension of operations in December, and both open pit and underground grades improved in line with the mine plan. Formal guidance for the current year will be provided during Q1.

Quarterly throughput at the Sukari process plant was 1,250kt, a 17% increase on the corresponding quarter in 2011,and a 25% increase on Q3 2012. The nameplate annualised rate was achieved as productivity improved significantly on the previous quarter.

Open pit total material movement of 6,739kt was down 3% and ore production of 1,916kt was up 16% on Q3 2012. The average grade open pit ore milled increased steadily in line with budget and previous guidance. The underground mine delivered 111kt, up 19% on Q3 2012; returning to budget productivity levels as the technical issues encountered in the previous quarter were resolved. The run of mine ore stockpile balance increased by 142kt to 721kt by the end of the quarter.

Despite some on-going delays by customs officials, gold exports have continued during January and it is expected that regular gold exports will continue to take place as and when required.

Josef El-Raghy, Chairman of Centamin, commented:

"The team at Sukari has delivered a very strong set of operating results, with a record output for the quarter bringing full year production ahead of guidance. All areas performed well and the results are particularly pleasing given the challenges faced during the year. Sukari has now delivered production growth over three consecutive years and we look forward to a further increase in 2013. Whilst 2012 presented us with a number of challenges, we exit the year as forecast with a robust financial and operating base with which to continue delivering on our growth str

.

......... a 30% increase on 2011 and above guidance of 250,000 ounces. ........... Sukari has now delivered production growth over three consecutive years and we look forward to a further increase in 2013.

Looking for a close 50+.

Going well, but even allowing for a small slide in the price of gold, CEY should be somewhere around the 170p level, so it's just a small matter of deciding whether Egypt is now a politically stable country. Another stunt from Mursi and we are heading down to the 30p level again, imo. I need to average down now, otherwise it's a long wait for break even, but.........

Harry Mubarack is in prison........ keep up!

I spotted that before you posted, so it has been changed retrospectively! Thanks for the heads up though, h. Good to see you are paying attention! ;o)

LOL - looking good, if gappy.

LONG WAY TO GO ON THIS ONE - SKYS THE LIMIT.

LONG WAY TO GO ON THIS ONE - SKYS THE LIMIT.